Colorado governor signs $28.9 billion state budget

DENVER (AP) — Colorado Gov. John Hickenlooper has signed a $28.9 billion state budget into law.

The annual spending plan makes major investments in the state’s largest unmet needs. It boosts funding to schools, roads and the public pension.

The budget covers the 2018-19 fiscal year, which begins July 1. Booming economic growth and a windfall from federal tax reform allowed lawmakers to fund the bulk of the Democratic governor’s requests and increase discretionary spending by 7.5 percent.

It calls for $495 million for transportation projects and sets aside $225 million to shore up the state pension, which is badly underfunded.

It boosts K-12 education funding by $150 million annually. Public colleges and universities will get a 9 percent funding bump aimed at limiting tuition hikes.